Song Chi-Hyung is the co-founder and Chairman of Dunamu, the company behind Upbit, the largest cryptocurrency exchange in South Korea in terms of daily trading volume. As of 2025, Song Chi-Hyung’s net worth is estimated at $2.24 billion.
Song’s journey in the world of digital currency started early. He played a significant role in the development of Upbit, which quickly became one of the largest platforms for selling crypto derivatives in Asia. This move into the derivatives market was crucial for the company’s growth and helped establish Song as one of the wealthiest crypto billionaires in the region.
In this article, we will explore how Song reached such success in the cryptocurrency industry, as well as how his wealth changed over the years.
Song Chi-Hyung’s Net Worth Since 2019
In February 2018, Forbes shared that Song Chi-Hyung’s estimated net worth for the year was $350 million to $500 million, presenting him as the “mega-rich Korean.” However, two years later, in 2020, a Dunamu spokesperson revealed that Chi-Hyung’s crypto holdings were worth less than 1,000,000 Korean Won, disputing Forbes’ initial estimation.
“The figures derived by Forbes are based on Upbit’s service value or the overall cryptocurrency value, as well as Chairman Song’s shareholding in Dunamu. At the time, Chairman Song only held cryptocurrencies worth less than 1 million won for service testing purposes, which is still the case today,” said a representative from the company (translated from Korean).
In 2020, when this claim was made, ₩1,000,000 was worth around $900, which would indicate that Song’s crypto holdings were rather small, so his estimated net worth was far from accurate.
Based on our findings and the latest valuation of Dunamu, Song Chi-Hyung’s net worth in 2025 is most likely over $2.24 billion. This makes him one of the wealthiest people in the crypto industry. Below, you can find a detailed net worth breakdown for his wealth.
| Asset or Income Source | Contribution to Net Worth |
| Crypto holdings in 2020 | ₩1,000,000 or $900 |
| Stake in Dunamu | 26.31% worth around $2.24 billion |
| Crypto holdings today | undisclosed |
| Total Net Worth | $2.24 billion |
Song Chi-Hyung Net Worth: Early Life and Education
Song Chi-Hyung was born in 1989 in Gongju, South Korea. He studied at Choongnam Science High School in his hometown. After high school, he enrolled at Seoul National University, where he obtained his Bachelor’s degree in computer engineering, with a minor in economics. He graduated from Seoul National University in 2006 with plans to pursue an MBA.
However, Song’s journey took a different turn. After graduating from university, he was expected to fulfill South Korea’s mandatory military service. Instead of enlisting as a soldier, he opted for an alternative route by joining the software development company Danal, where he served for three years as part of his military duty. Had he chosen the conventional path, his service as a soldier would have lasted two years.
How Song’s Military Service Sparked a Career in Tech
During his three-year alternative military service at Danal, the mobile payments company, Song Chi-Hyung observed the growing issue of illegal mobile payment activities in South Korea. In response, he developed a system to detect and prevent fraudulent transactions, which he subsequently patented for use in both South Korea and China.
This experience helped spark his passion in software development. Interestingly, he wasn’t interested in the field initially, but the hands-on work led him to enjoy the field, which prompted a change in his aspirations.
After he completed his military service, Song joined the consulting firm Inomove in 2011. There, he worked on IT-related projects and explored new revenue models for businesses. Soon enough, this led him to found Dunamu, the business that turned him into a billionaire.
The Founding and Success of Dunamu
In April 2012, Song Chi-Hyung co-founded Dunamu alongside Kim Hyoung-Nyon, who had previously worked with him at Danal. Initially, they launched the business as an e-book platform, but the venture didn’t meet the pair’s profitability expectations. It was discontinued soon after.
Six months later, the company introduced NewsMate, a news aggregation service that curated trending articles from social media. NewsMate garnered more attention than the previous project, but it had many competitors, which prompted Song and his partner to explore alternative business models.
After reconsiderations and planning, Dunamu launched Stockplus, a stock market data aggregator. In 2013, Dunamu received early investment from K Cube Ventures, now known as Kakao Ventures. Kakao Ventures invested over $170,000 into Dunamu in its second year of business, obtaining a large share of the company.
A year later, Dunamu launched its mobile stock trading platform, and in 2015, it received investments from Qualcomm Ventures and Woori Technology Investment. It wasn’t until 2017 that Dunamu launched Upbit, the crypto exchange that made the company famous worldwide.
In 2018 and 2019, Dunamu founded a blockchain technology R&D institute called Lambda256 (then spun off to Luniverse, a blockchain platform) and Stockplus Unlisted, their platform for trading unlisted stocks.
In 2020, Stockplus Unlisted was designated an “Innovative Financial Service” by South Korea’s Financial Services Commission, and Dunamu expanded Stockplus to include U.S. stock trading.
In 2021, Hybe Corporation – the entertainment agency behind global K-pop sensation BTS – acquired a 2.5% stake in Dunamu for about $400 million, valuing the business at $17 billion. The investment marked a significant collaboration between the fintech and entertainment sectors, with plans to develop digital collectibles and non-fungible tokens (NFTs) featuring BTS and other artists.
As part of the landmark partnership, HYBE and Dunamu formed a strategic partnership, exchanging stakes in the companies to collaborate on projects. Dunamu obtained a 5.6% stake in Hybe as part of this deal.
That same year, Dunamu became the first VASP (Virtual Asset Service Provider) registered in Korea and launched Upbit NFT Beta and the metaverse platform 2ndblock. In 2022, Dunamu officially launched Upbit Staking and obtained ISMS certifications for Stockplus and Stockplus Unlisted, reinforcing its focus on security.
More recently, in 2024, the business doubled down on Web3 when it launched a professional training program in blockchain security called Upside Academy. You can see a full timeline of Dunamu’s major milestones on their official website.
Legal Controversies
In December 2018, Song was Chairman of Dunamu and CEO of its cryptocurrency exchange Upbit, and faced fraud charges in South Korea along with two other executives. Prosecutors alleged that between September and December 2017, the executives used a fake corporate account to execute fraudulent transactions, inflating trading volumes. Using this strategy, they reportedly generated around 150 billion won (around $133.8 million) in profits through manipulated Bitcoin trades.
The charges followed a May 2018 raid on Upbit’s headquarters by South Korean authorities, who suspected the exchange of engaging in “paper trading” – a practice where trades are executed without actual asset transfers to boost the trading volume artificially.
However, in a significant development, the South Korean Supreme Court acquitted Song and the other executives. The court ruled that the evidence the prosecution presented was obtained through illegal means, which led to the dismissal of all charges.
Despite the acquittal, the case had financial repercussions for the cryptocurrency exchange Upbit. In March 2025, it was revealed that Upbit had spent over 10 billion won (around $7.5 million) of company funds on listing fees for Song and the other executives during the trial.
Now, the National Tax Service is investigating whether the expenditures were improperly deducted from corporate taxes since such legal costs are typically considered personal expenses.
Song’s Role and Stake in Dunamu
Song Chi-Hyung served as the CEO of Dunamu from its inception until January 2018, when he transitioned to the role of Chairman. As of 2021, he held a 26.31% stake in the company, which made him the largest shareholder. The co-founder, Kim Hyoung-Nyon, owned 13.51%. Kakao, one of its major shareholders, had a 7.63% at the company in 2021.
Song Chi-hyung and Kim Hyoung-nyon are the two largest shareholders in Dunamu, which operates Upbit, South Korea's dominant cryptocurrency exchange. https://t.co/KLnMVgq1s5
— Forbes Asia (@ForbesAsia) November 12, 2021
As of April 2025, Dunamu is valued at approximately $8.5 billion. Based on this valuation, Song’s 26.31% stake would be worth $2.24 billion. Still, this is all subject to speculation, seeing how the company is a privately owned entity.
According to Dunamu’s official earnings report, filed with the Financial Supervisory Service of South Korea in March 2025, Dunamu had a revenue of around $1.3 billion in 2024, which marks a 70.5% year-over-year increase. Its operating profit was around $809 million, reflecting an 85.1% surge, while the net income was $671 million, up 22.2% from the previous year.
Based on the report, there has also been a dividend increase. Dunamu, following strong profit growth, has decided to significantly increase its payouts to shareholders, with Song himself being the largest beneficiary. Specifically, the dividend for 2024 alone has been tripled to around $5.99 per share.
As of April 2025, the company hasn’t publicly disclosed the total number of shares outstanding, which makes it challenging to calculate the exact dividend amount Song-Chi Hyung received in 2024.
Song Chi-Hyung’s Crypto Stance and Holdings
As of 2025, detailed public information about Song Chi-Hyung’s personal cryptocurrency investments and holdings is limited. Still, he is a major name in the crypto industry, so he is very likely to have invested at least part of his wealth in cryptocurrencies.
Song has been a strong proponent of the cryptocurrency ecosystem for many years. He regularly speaks highly of blockchain technology and cryptocurrency in general. At the Upbit Developer Conference in 2023, for instance, he reflected on Dunamu’s mission and the role of blockchain in contributing to the ecosystem’s growth.
“Dunamu has been operating UDC since 2018. We hold a sense of duty to activate the domestic blockchain ecosystem and contribute to making it popular,” he said.
At UDC 2022, he compared the downturn in the crypto industry at the time with the state of the market in 2018. He noted that, during the last downturn, the digital asset market had lost 69% of its value compared to the previous year. However, he reminded the audience that despite the pessimism of the time, important developments like DeFi and NFTs began to emerge and evolve, leading to the massive growth of blockchain technology and services.
What Can We Learn from Song Chi-Hyung’s Success?
Song Chi-Hyung saw the potential in blockchain and crypto early on. His pivot to Upbit is one of many examples of the value of diving into emerging technologies and staying ahead of the curve. Many, if not most, billionaires make their money early on in these kinds of innovative industries.
The crypto market can be unpredictable, but Song has shown that it is important to keep pushing forward, even when things get tough. Staying resilient is key to long-term success.
Song clearly believes in educating people about blockchain technology and crypto. His efforts to build a knowledgeable community and help others understand new technology have been a roaring success.
When challenges came up, such as the pandemic or his various legal issues, Song adapted quickly, proving how important it is to stay flexible in a fast-changing, volatile industry.
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FAQs
What is Song Chi-Hyung's net worth in 2025?
As of 2025, Song Chi-Hyung's net worth is estimated at $2.24 billion. His wealth comes primarily from his stake at Upbit and is likely higher considering his crypto investments and dividends.
What is Song Chi-Hyung known for?
Song Chi-Hyung is best known as the founder and CEO of Upbit, one of South Korea's leading cryptocurrency exchanges. He has played a major role in advancing blockchain technology in Asia and worldwide.
What is Upbit, and why is it important?
Upbit is a major crypto exchange in South Korea. Under Song's leadership, it became one of the most popular exchanges in Asia.
